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Chapter 07 Positive Accounting Theory
1. Watts and Zimmerman's Positive Accounting Theory is:

A. One of several normative theories of accounting
B. One of several positive theories of accounting
C. One of several critical theories of accounting
D. None of the given options are correct.
2. Which of the following is a central assumption of Positive Accounting Theory?

A. Individuals act solely on the basis of self-interest.
B. Firms seek to maximise profits.
C. The interests of principals and agents are not aligned.
D. Financial statements will be audited regardless of legal requirements.
3. To test whether accounting information is useful, researchers such as Ball and Brown tested whether share
prices responded to:
A. Expected earnings announcements
B. Forecast earnings announcements
C. Unexpected earnings announcements
D. All of the given options are correct.
4. The key theory that underpins Positive Accounting Theory is:

A. The Efficient Markets Hypothesis
B. Agency theory
C. Normative ethical theory
5. The principal's expectation of opportunistic behaviour by his or her agent results in lower payments to:
A. The agent
B. The principal
C. The principal and the agent
D. Neither the principal nor the agent
6. According to agency theory, contracts that align the interests of the principal and agent primarily benefit:
A. The agent
B. The principal
C. Both the principal and the agent
7. Agency theory suggests that government regulation is:

A. Necessary, because principals know that agents may not act in their interests
B. Necessary, because agents know that principals may not act in their interests
C. Unnecessary, because principals know that agents may not act in their interests
D. Unnecessary, because agents know that principals may not act in their interests
8. The 'political cost hypothesis' of Positive Accounting Theory suggests which of the following?
A. Large firms are more likely to use accounting choices that reduce reported profits.
B. Small firms are more likely to use accounting choices that reduce reported profits.
C. Neither large nor small firms are more likely to use accounting choices that reduce reported profits.
D. Both large and small firms are more likely to use accounting choices that reduce reported profits.
9. The 'bonus plan hypothesis' of Positive Accounting Theory suggests managers of firms with bonus plans tied
to reported income are more likely to use accounting methods that:
A. Increase prior period reported income
B. Increase current period reported income
C. Increase future period reported income
10. The 'debt/equity hypothesis' of Positive Accounting Theory predicts which of the following?
A. The higher the firm's debt/equity ratio, the more likely managers are to use accounting methods that lower
income.
B. The lower the firm's debt/equity ratio, the more likely managers are to use accounting methods that increase
income.
C. The higher the firm's debt/equity ratio, the more likely managers are to use accounting methods that increase
income.
11. The 'efficiency perspective' of Positive Accounting Theory suggests that firms will:
A. Adopt the accounting methods that require the least resources to implement
B. Adopt the accounting methods that result in the highest reported earnings
C. Adopt the accounting methods that result in the lowest reported earnings
D. Adopt the accounting methods that best reflect the underlying economic performance of the entity
12. Which of the following is correct in respect of Positive Accounting Theory?
A. The opportunistic perspective is ex-post, and the efficiency perspective is ex-ante.
B. The opportunistic perspective is ex-ante, and the efficiency perspective is ex-post.
C. Both the opportunistic and efficiency perspectives are ex-ante.
D. Both the opportunistic and efficiency perspectives are ex-post.
13. A manager electing to adopt a depreciation method that increases income, but does not reflect the actual use
of the asset, is consistent with:
A. The efficiency perspective of Positive Accounting Theory
B. The opportunistic perspective of Positive Accounting Theory
C. Both the opportunity and the efficiency perspectives of Positive Accounting Theory
D. Neither the opportunity nor the efficiency perspectives of Positive Accounting Theory
14. Which of the following parties desire the firm to take the most risks?
A. Managers
B. Debtholders
C. Owners
D. All parties desire the firm to take the same level of risk.
15. Positive Accounting Theory suggests that bonus schemes benefit:

A. Only managers
B. Only owners
C. Both managers and owners
D. Neither managers nor owners
16. Which of the following is the main advantage of using accounting earnings instead of share prices to
determine bonuses?
A. Share prices are influenced by market forces that are outside the control of management.
B. Accounting information is independently audited.
C. Accounting information is unbiased.
D. Share prices may be manipulated by managers engaging in insider trading.
17. According to Positive Accounting Theory, using stock prices to determine bonuses:
A. Increases the likelihood of management disclosing good news
B. Increases the likelihood of management disclosing of bad news
C. Increases the likelihood of management disclosing both good and bad news
D. Has no effect on the likelihood of management disclosures
18. According to Positive Accounting Theory, the existence of debt covenants:
A. Can be explained from an efficiency perspective, and gives management an incentive to manipulate
accounting information from an opportunistic perspective
B. Can be explained from an opportunistic perspective, and gives management an incentive to manipulate
accounting information from an efficiency perspective
C. Can be explained from both efficiency and opportunistic perspectives
D. Cannot be explained
19. Which of the following is a problem with Positive Accounting Theory?

A. It is not testable.
B. It has been empirically discredited.
C. It contributes little to improving accounting practice.
20. Which of the following is not a criticism of Positive Accounting Theory?

A. It is based on the assumption that all action is driven by wealth maximisation.
B. It is not value-free.
C. It has developed little in the past 30 years.
D. Its claims cannot be objectively verified.
21. A contribution of Positive Theory is that it enables us to understand:

A. Why interest groups expend resources lobbying for or against particular standards
B. Why a manager adopts particular accounting techniques over others
C. The effect accounting standards have on different groups and resource allocation
22. Which of the following is an example of political costs under the PAT perspective?
A. Wage and salary deductions paid to unions
B. Contributions to political parties
C. Costs associated with increased wage claims
D. The cost of remaining largely unnoticed by government regulatory agencies
23. Which of the following is not an example of a Positive Accounting Theory or research?
A. True income theories
B. Legitimacy Theory
24. Which of the following statements is not true about Positive Accounting Theory?
A. It is used to distinguish research aimed at explanation and prediction.
B. It is designed to explain and predict which firms will, and which firms will not, use a particular method, and
also prescribes which method a firm should use.
C. It focuses on the relationships between the various individuals involved in providing resources to an
organisation, and how accounting is used to assist in the functioning of these relationships.
D. One of the key theories that underpins Positive Accounting Theory is Agency theory.
25. Which of the following statements is true regarding the origins and development of Positive Accounting
Theory?
A. Positive research in accounting started coming to prominence around the mid-1960s, and appeared to
become the dominant research paradigm within financial accounting in the 1970s and 1980s.
B. The introduction of positive research into accounting represented a paradigm shift from normative research
to positive research.
C. Currently, almost all papers in Accounting Review and most other leading academic journals are positive
research-based.
26. Which of the following is not true about Positive Accounting Theory?
A. A positive theory seeks to explain and predict particular phenomena.
B. A positive theory focuses on the relationships between various individuals and how accounting is used to
assist in the functioning of these relationships.
C. A positive theory prescribes how a particular practice should be undertaken.
27. Which of the following statements is true about what caused the shift in paradigm from normative to
positive research?
A. The shift resulted from US reports on business education, and improved computing facilities enabling
large-scale statistical analysis.
B. The shift occurred because positive accounting researchers are not concerned with explaining or predicting
what is (i.e. that which could be tested empirically); rather, they are concerned with what should be.
C. The shift occurred because in positive research, falsifiable hypotheses are not generated from theory.
28. It is common practice for managers to be rewarded in a way that is tied to the profits of the firm, the sales of
the firm, or the return on assets. That is, their remuneration is based on the output of the accounting system.
Which of the following is a drawback for such bonus schemes?
A. Bonus schemes tied to the performance of the firm will be put in place to align the interests of the owners
and the managers.
B. Rewarding managers on the basis of accounting profits may induce them to manipulate accounting numbers.
C. There would be limited incentives for the manager to adopt risky strategies that increase the value of the
firm.
D. The manager may be reluctant to take on optimal levels of debt.
29. Which of the following bonus schemes would be appropriate for the managers of a biotechnology research
company?
A. A market-based bonus scheme, as it is more appropriate to reward the manager in terms of the market value
of the firm's securities, which are assumed to be influenced by expectations about the net present value of
expected future cash flows, and the manager will be given an incentive to increase the value of the firm.
B. A fixed basis scheme, so that the managers would not take great risks, reject risky projects, and be reluctant
to take on optimal levels of debt as it may be beneficial to those with equity in the firm.
C. An accounting-based bonus scheme as this will be in the interest of the manager, as that manager will
potentially receive greater rewards and will not have to bear the costs of the perceived opportunistic behaviours.
D. A combination of fixed basis and accounting-based scheme, as assuming that self-interest drives the actions
of the managers, it may be necessary to put in place remuneration schemes that reward the managers in a way
that is, at least in part, tied to the performance of the firm.
30. Which of the following can be used as an accounting measure by the government and other interest groups
that a particular organisation (typically large) is generating excessive profits and not paying its 'fair share' to
other segments of the community?
A. Total sales
B. Total profits
C. Total assets
Chapter 07 Positive Accounting Theory Key
1. Watts and Zimmerman's Positive Accounting Theory is:

A. One of several normative theories of accounting
B. One of several positive theories of accounting
C. One of several critical theories of accounting
Deegan - Chapter 07 #1
Difficulty: Easy
2. Which of the following is a central assumption of Positive Accounting Theory?

A. Individuals act solely on the basis of self-interest.
B. Firms seek to maximise profits.
C. The interests of principals and agents are not aligned.
D. Financial statements will be audited regardless of legal requirements.
Difficulty: Easy
3. To test whether accounting information is useful, researchers such as Ball and Brown tested whether share
prices responded to:
A. Expected earnings announcements
B. Forecast earnings announcements
C. Unexpected earnings announcements
Difficulty: Easy
4. The key theory that underpins Positive Accounting Theory is:

A. The Efficient Markets Hypothesis
B. Agency theory
C. Normative ethical theory
Difficulty: Easy
5. The principal's expectation of opportunistic behaviour by his or her agent results in lower payments to:
A. The agent
B. The principal
C. The principal and the agent
Difficulty: Easy
6. According to agency theory, contracts that align the interests of the principal and agent primarily benefit:
A. The agent
B. The principal
C. Both the principal and the agent
Difficulty: Easy
7. Agency theory suggests that government regulation is:

A. Necessary, because principals know that agents may not act in their interests
B. Necessary, because agents know that principals may not act in their interests
C. Unnecessary, because principals know that agents may not act in their interests
D. Unnecessary, because agents know that principals may not act in their interests
Difficulty: Medium
8. The 'political cost hypothesis' of Positive Accounting Theory suggests which of the following?
A. Large firms are more likely to use accounting choices that reduce reported profits.
B. Small firms are more likely to use accounting choices that reduce reported profits.
C. Neither large nor small firms are more likely to use accounting choices that reduce reported profits.
D. Both large and small firms are more likely to use accounting choices that reduce reported profits.
Difficulty: Easy
9. The 'bonus plan hypothesis' of Positive Accounting Theory suggests managers of firms with bonus plans tied
to reported income are more likely to use accounting methods that:
A. Increase prior period reported income
B. Increase current period reported income
C. Increase future period reported income
Difficulty: Easy
10. The 'debt/equity hypothesis' of Positive Accounting Theory predicts which of the following?
A. The higher the firm's debt/equity ratio, the more likely managers are to use accounting methods that lower
income.
B. The lower the firm's debt/equity ratio, the more likely managers are to use accounting methods that increase
income.
C. The higher the firm's debt/equity ratio, the more likely managers are to use accounting methods that increase
income.

Difficulty: Easy
11. The 'efficiency perspective' of Positive Accounting Theory suggests that firms will:
A. Adopt the accounting methods that require the least resources to implement
B. Adopt the accounting methods that result in the highest reported earnings
C. Adopt the accounting methods that result in the lowest reported earnings
D. Adopt the accounting methods that best reflect the underlying economic performance of the entity

Difficulty: Easy
12. Which of the following is correct in respect of Positive Accounting Theory?

A. The opportunistic perspective is ex-post, and the efficiency perspective is ex-ante.
B. The opportunistic perspective is ex-ante, and the efficiency perspective is ex-post.
C. Both the opportunistic and efficiency perspectives are ex-ante.
D. Both the opportunistic and efficiency perspectives are ex-post.

Difficulty: Easy
13. A manager electing to adopt a depreciation method that increases income, but does not reflect the actual use
of the asset, is consistent with:
A. The efficiency perspective of Positive Accounting Theory
B. The opportunistic perspective of Positive Accounting Theory
C. Both the opportunity and the efficiency perspectives of Positive Accounting Theory
D. Neither the opportunity nor the efficiency perspectives of Positive Accounting Theory

Difficulty: Hard
14. Which of the following parties desire the firm to take the most risks?
A. Managers
B. Debtholders
C. Owners
D. All parties desire the firm to take the same level of risk.

Difficulty: Easy
15. Positive Accounting Theory suggests that bonus schemes benefit:

A. Only managers
B. Only owners
C. Both managers and owners
D. Neither managers nor owners

Difficulty: Easy
16. Which of the following is the main advantage of using accounting earnings instead of share prices to
determine bonuses?
A. Share prices are influenced by market forces that are outside the control of management.
B. Accounting information is independently audited.
C. Accounting information is unbiased.
D. Share prices may be manipulated by managers engaging in insider trading.

Difficulty: Medium
17. According to Positive Accounting Theory, using stock prices to determine bonuses:
A. Increases the likelihood of management disclosing good news
B. Increases the likelihood of management disclosing of bad news
C. Increases the likelihood of management disclosing both good and bad news
D. Has no effect on the likelihood of management disclosures

Difficulty: Medium
18. According to Positive Accounting Theory, the existence of debt covenants:

A. Can be explained from an efficiency perspective, and gives management an incentive to manipulate
accounting information from an opportunistic perspective
B. Can be explained from an opportunistic perspective, and gives management an incentive to manipulate
accounting information from an efficiency perspective
C. Can be explained from both efficiency and opportunistic perspectives
D. Cannot be explained

Difficulty: Hard
19. Which of the following is a problem with Positive Accounting Theory?

A. It is not testable.
B. It has been empirically discredited.
C. It contributes little to improving accounting practice.

Difficulty: Easy
20. Which of the following is not a criticism of Positive Accounting Theory?

A. It is based on the assumption that all action is driven by wealth maximisation.
B. It is not value-free.
C. It has developed little in the past 30 years.
D. Its claims cannot be objectively verified.

Difficulty: Easy
21. A contribution of Positive Theory is that it enables us to understand:
A. Why interest groups expend resources lobbying for or against particular standards
B. Why a manager adopts particular accounting techniques over others
C. The effect accounting standards have on different groups and resource allocation

Difficulty: Easy
22. Which of the following is an example of political costs under the PAT perspective?
A. Wage and salary deductions paid to unions
B. Contributions to political parties

Difficulty: Medium
23. Which of the following is not an example of a Positive Accounting Theory or research?
A. True income theories
B. Legitimacy Theory

Difficulty: Medium
24. Which of the following statements is not true about Positive Accounting Theory?
A. It is used to distinguish research aimed at explanation and prediction.
B. It is designed to explain and predict which firms will, and which firms will not, use a particular method, and
also prescribes which method a firm should use.
C. It focuses on the relationships between the various individuals involved in providing resources to an
organisation, and how accounting is used to assist in the functioning of these relationships.
D. One of the key theories that underpins Positive Accounting Theory is Agency theory.

Difficulty: Hard
25. Which of the following statements is true regarding the origins and development of Positive Accounting
Theory?
A. Positive research in accounting started coming to prominence around the mid-1960s, and appeared to
become the dominant research paradigm within financial accounting in the 1970s and 1980s.
B. The introduction of positive research into accounting represented a paradigm shift from normative research
to positive research.
C. Currently, almost all papers in Accounting Review and most other leading academic journals are positive
research-based.

Difficulty: Easy
26. Which of the following is not true about Positive Accounting Theory?
A. A positive theory seeks to explain and predict particular phenomena.
B. A positive theory focuses on the relationships between various individuals and how accounting is used to
assist in the functioning of these relationships.
C. A positive theory prescribes how a particular practice should be undertaken.

Difficulty: Easy
27. Which of the following statements is true about what caused the shift in paradigm from normative to
positive research?
A. The shift resulted from US reports on business education, and improved computing facilities enabling
large-scale statistical analysis.
B. The shift occurred because positive accounting researchers are not concerned with explaining or predicting
what is (i.e. that which could be tested empirically); rather, they are concerned with what should be.
C. The shift occurred because in positive research, falsifiable hypotheses are not generated from theory.

Difficulty: Easy
28. It is common practice for managers to be rewarded in a way that is tied to the profits of the firm, the sales of
the firm, or the return on assets. That is, their remuneration is based on the output of the accounting system.
Which of the following is a drawback for such bonus schemes?
A. Bonus schemes tied to the performance of the firm will be put in place to align the interests of the owners
and the managers.
B. Rewarding managers on the basis of accounting profits may induce them to manipulate accounting numbers.
C. There would be limited incentives for the manager to adopt risky strategies that increase the value of the
firm.
D. The manager may be reluctant to take on optimal levels of debt.

Difficulty: Medium
29. Which of the following bonus schemes would be appropriate for the managers of a biotechnology research
company?
A. A market-based bonus scheme, as it is more appropriate to reward the manager in terms of the market value
of the firm's securities, which are assumed to be influenced by expectations about the net present value of
expected future cash flows, and the manager will be given an incentive to increase the value of the firm.
B. A fixed basis scheme, so that the managers would not take great risks, reject risky projects, and be reluctant
to take on optimal levels of debt as it may be beneficial to those with equity in the firm.
C. An accounting-based bonus scheme as this will be in the interest of the manager, as that manager will
potentially receive greater rewards and will not have to bear the costs of the perceived opportunistic behaviours.
D. A combination of fixed basis and accounting-based scheme, as assuming that self-interest drives the actions
of the managers, it may be necessary to put in place remuneration schemes that reward the managers in a way
that is, at least in part, tied to the performance of the firm.

Difficulty: Hard
30. Which of the following can be used as an accounting measure by the government and other interest groups
that a particular organisation (typically large) is generating excessive profits and not paying its 'fair share' to
other segments of the community?
A. Total sales
B. Total profits
C. Total assets

Difficulty: Easy
Chapter 07 Positive Accounting Theory Summary
Category # of Questions
Deegan - Chapter 07 30
Difficulty: Easy 20
Difficulty: Hard 4
Difficulty: Medium 6
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"To complete the purchase of the yacht for Gwendolen. I wanted to give
it to her absolutely unencumbered. Mr. Tracy was selling some capital for
me and said I must wait till the following settling day for the cash, and I
asked Melville to lend me the hundred I needed until the matter was
completed. But he didn't send it. He never even answered my letter."
"He tells me he sent you a hundred pounds in notes," Sir Geoffrey said
distinctly. "Isn't that true?"
"No," said Ralph indignantly; "it's an absolute lie." He paced the room
in angry impatience. It seemed incredible that his own brother could be
capable of such an utterly unworthy trick. Sir Geoffrey closed his book with
a snap and pressed his lips together.
"I ought to have known you both better," he said; "but Melville's story
was so circumstantial, and there was the evidence of your letter, too. I was
completely taken in. But now I know what to do."
Ralph stopped abruptly.
"What are you going to do?" he asked.
"Instruct Tracy to take proceedings against Melville for getting money

under false pretences."
"But that's punishable with imprisonment," said Ralph aghast.
"Certainly it is," said Sir Geoffrey grimly.
"But you can't make a convict of my brother, and your nephew!"
"Our relationship to him is our misfortune," said Sir Geoffrey, "not our
fault. I shall do what I say."
"Look here, Uncle Geoffrey," said Ralph excitedly, "after all, this is
largely my affair. I will give you back the hundred pounds—I've got the
money now—and I will go to town at once and square accounts with
Melville. Did he tell you where he was staying?"
"No," said his uncle; "I did not enquire."
"Well, I'm sure to get news of him at Jermyn Street, if he isn't actually
there. Promise to abandon all idea of prosecution, and leave this in my
hands. Promise?"
Sir Geoffrey looked with pleasure at his nephew as he stood erect before
him, glowing with just indignation, but with chivalrous desire to spare his
brother this crowning shame.
"How you two fellows are brothers passes my comprehension," he said.

"Well, Ralph, I tell you what I will do. I'll give you a week—you need not
go up to town again to-day, for that would be hard on Gwen. I'll give you a
week, and if you can make Melville disgorge the money I'll take it back
with uncommon satisfaction. If you fail, I reserve liberty of action."
"That's fair, I suppose," said Ralph reluctantly; then he added more

hopefully, "but it will be all right; of course, it will be all right."
Sir Geoffrey shook his head doubtfully, but the mellow roar of the gong
reverberated through the house announcing luncheon, and he welcomed the
interruption.
"Shake hands, my boy," he said. "I'm sorry I misjudged you, even for a
moment. And now come along, or Gwen will think I've frightened away
your appetite."
He linked his arm within his nephew's, and went into the dining-room
with all his wonted cheerfulness restored.
CHAPTER V.
KINDRED AND AFFINITY.

Possession of money has an invigorating effect upon the majority of
people, and Melville, who like most gamblers lived only in the present,
awoke in the morning feeling a new man because of the open cheque for
£100 which he had secured the night before. No qualms of conscience
disturbed his equanimity because of the device he had adopted to obtain it.
As soon as his toilette and breakfast were completed he could get the
money from the bank, and the future, with its difficulties and complications,
might be left to take care of itself. The solid satisfaction derived from the
possession of money was enough for the moment.
Moreover, to-day contained an element of surprise in the shape of his

pending visit to his unknown relative, and next to money there is probably
nothing that has so much charm for the average gambler as the element of
surprise, had any kindred spirit been with him at the time Melville would
have made wagers upon the age and appearance of this Lady Holt, of whose
existence he had never heard before. She was old, of course, and most
likely intensely disagreeable; incompatibility of temper was doubtless the
reason of her separation from Sir Geoffrey, and desire to avoid scandal the
explanation of her complete seclusion from the world. The phrasing of her
letter showed that she was precise, and upon that fragmentary piece of
evidence Melville erected in imagination a complete living personality, in
much the same way as scientists "restore" an entire prehistoric mammoth
from a single tooth.
He dressed with particular care, and after an early breakfast went

cheerfully downstairs and drove to his uncle's bank. Then, with eighteen
five-pound notes in his pocket book and ten pounds in cash in his waistcoat,
he was in a position to spend in a sufficiently agreeable manner the hours
that intervened before he was due at South Kensington.
A refresher, in the shape of a sherry and bitters at the club, was followed
by a delicate but entirely adequate luncheon at the Dieu-donnée, and
Melville's enjoyment of it was not diminished by the fact that, happening to
meet a casual acquaintance there, he lunched at the same table, and
suggested that they should toss to decide which of the twain should pay the
joint account, with the result that the casual acquaintance lost. Evidently the
fickle jade was smiling on Melville; a couple of games of billiards followed
the luncheon, and another refresher the billiards, and in high good humour
Melville sauntered down the Ladies' Mile, preparatory to driving from
Albert Gate to The Vale.
Opposite the French Embassy he parted from his friend.
"Sorry I can't ask you to come with me, old man," he said genially, "but
I'm obliged to pay a duty visit to an aged aunt."
The friend expressed his sincere commiseration, but Melville only

laughed.
"It's a very little flaw in an otherwise perfect day. You must lunch with
me next time, and I will give you your revenge at billiards," and carefully
choosing a well-appointed hansom he drove away.
The Vale, South Kensington, is a little-known cul-de-sac lying just off

the Fulham Road. It contains but half-a-dozen houses, with trim lawns in
front and quite large gardens in the rear; great elms shade the houses, and
the remoteness from the main road makes them very quiet; in all of them
are French windows and small verandahs, and there is an air of quietude
and refinement about the place that makes it very attractive.
"The old lady does herself pretty well," thought Melville to himself as
he walked up the gravelled path and noticed the close-cropped lawn and the
blaze of geraniums and petunias. "I wonder what she knows about me, and
what line I'd better take! The interesting musician might be diplomatic
perhaps."
He thought that the maid who opened the door looked curiously at him
as he enquired whether Lady Holt was at home, but, after all, that was a
trifling matter, capable of bearing many interpretations. His interest was,
however, more fully aroused by the drawing-room into which he was shown
to await his aunt's coming, for it was not at all the sort of environment in
which he had imagined he would find Sir Geoffrey's wife. It was essentially
the drawing-room of a worldly woman of the world, furnished with taste,
but evidently at great cost; photographs and silver boxes, enamels and
ivories were scattered in profusion over the many tables, water colours by
rising artists covered the walls, cushions and flowers were everywhere.
"I shall have to readjust my preconceived notions of my elderly

relative," he said to himself as he took a rapid survey of the pretty room;
"this is a veritable canary's cage."
Then the door opened, and at the rustle of silk petticoats he turned to
make a formal bow to his aunt. But as he turned, an exclamation of surprise
escaped his lips and his single eye-glass dropped upon the floor, for the
woman who entered was no precise and ringletted old lady, but the one who
had asked him for his card at Monte Carlo, and who had expressed such
sympathy with him when he was reduced to the necessity of applying for
the viaticum. It was indeed no other than the charming Mrs. Sinclair.
She came forward with perfect self-possession, but a gleam of

amusement lurked in her eyes.
"This is really a most astonishing experience," Melville said, as he

bowed over her hand. "You are quite the last person I expected to see."
"Not the last you wanted to see, I hope," she replied, "but I confess
delight is not the predominant expression upon your face at the moment.
Won't you sit down?"
Melville picked up his monocle and polished it carefully before

readjusting it in his eye.
"But tell me," he persisted, "what are you doing here?"
"Living here," Mrs. Sinclair answered. "What else do you suppose?"
"I can't quite sort things," Melville said apologetically. "To begin with,
you see, I had never heard until last night that there was a Lady Holt, and
when I got her note asking me to call here to-day I tried to picture what she
would be like."
"What was the result of your efforts?" Mrs. Sinclair enquired.

Melville laughed slightly.
"Well, I'm bound to admit that I imagined my uncle's choice in women

would be early Victorian, so to speak, and I don't think it's anything but a
compliment to say that the early Victorian brand isn't very likely to agree
with you. If you like Lady Holt, there is hope for me."
"I like her very much," Mrs. Sinclair said. "Mr. Melville, it isn't quite
fair, perhaps, to lay snares for young men, and you evidently don't grasp the
situation. You remember your last night at Monte Carlo?"
"It was not the sort of night to forget readily," Melville replied grimly. "I
never had such monstrous bad luck at the tables before."
"You gave me one of your cards and I promised to write to you."
"You did," said Melville.
"I have kept my promise," said Mrs. Sinclair. "I wrote to you yesterday
and asked you to come to see me. I am Lady Holt."
The astonishment depicted on Melville's face was ludicrous, and Mrs.

Sinclair rippled over with mirth.
"I never thought to see you so taken aback," she said. "What I like so
much about English gentlemen is that they are so imperturbable, and now
you are gazing at me as if I were a freak."
"Really, I beg your pardon," Melville said. "but to think how grossly I
have misjudged Sir Geoffrey!"
"Come, that's much better," Mrs. Sinclair replied. "Yes, Mr. Ashley, the
confession has to be made; I am your aunt."
"I'm uncommonly delighted to hear it," Melville said heartily, "and I've
only one regret in learning the fact."
"And that is——?" his new-found relative enquired.

"That I did not know it long ago," Melville replied. His wonted
composure returned, and with it his wonted desire to stand well in the
opinion of those in whose company he happened to be—a desire, it may be
said, characteristic of many men who drift into bad lives from weakness
rather than from natural vice. "Tell me, have you refrained from claiming
relationship with me all this time because you heard I was a bad lot?"
"I perceive you are not expert in drawing inferences," Mrs. Sinclair
said; "one does not associate the particularly goody-goody type of young
man with Monte Carlo, and that is where I saw you first."
"That is true," Melville admitted. "I must plead guilty to not being
goody-goody. By the way, am I to call you 'aunt'?"
Mrs. Sinclair shuddered.
"Certainly not," she said emphatically; "there is no necessity to draw

public attention to the question of my age."
"What am I to call you?" he persisted.
"Call me Mrs. Sinclair," she said. "How old are you?"
"Thirty-five," Melville answered. "Why?"
"Then you are old enough to call me Lavender when we are alone," she
said. "Out of doors it had better be Mrs. Sinclair, I suppose. It is a
censorious world."
She leaned back in her chair and surveyed her nephew critically; the
scrutiny was satisfactory, and she was glad of the impulse that had
prompted her to disclose her identity to him. Yet, shrewd and clever woman
as she was, she had taken a step which, while it could never be retraced,
was the first towards the undoing of them both. There were other things in
her life which in her hours of reflection she regretted, not least among them
being her separation from a husband whose good qualities she fully
recognised, but nothing in the past had been so fraught with peril to herself
as this alliance with her husband's nephew, which she owed to a single
moment of caprice.
"Confess now," she said presently, "you are burning with curiosity to
know all about everything?"
"That is a comprehensive way of putting it," he laughed, "but it is true.

Tell me everything that is necessary, and as much more as you think fit."
"The only thing that is necessary," Mrs. Sinclair replied, "is that I
actually am Sir Geoffrey Holt's wife. I married him years ago, when I was
too young to realise all that marriage means, especially marriage to a man
many years older than oneself. And—it didn't answer. That is really all."
She had no intention of telling Melville very much about herself, and, of
course, he could not cross-examine her. "He had not come into the title
then," she went on, "and indeed there was no reason for supposing he ever
would, for his brother was quite young enough to have married and had
sons. Perhaps——" She paused, and Melville took advantage of the pause
to give expression to the thought that was uppermost in his mind.
"I wonder that his marriage has been so completely forgotten. I never
heard of it, and I'm quite sure my brother never has, yet he has been like a
son to Sir Geoffrey, and knows a lot about his affairs."
Mrs. Sinclair flushed a little.
"Sir Geoffrey is a very proud man. He always was; indeed, that had a
great deal to do with our mutual incompatibility, and proud men are apt to
hold their tongues about their failures. Oh, yes!" she said, laughing, though
there was no mirth in her laughter, "it was a dismal failure, and so we
agreed to separate and never trouble each other again."
"And you never have?" said Melville.
"We never have."
"Sir Geoffrey is a very rich man," Melville remarked, following the line
of his own thoughts.
"I believe he is," said Mrs. Sinclair indifferently. "All the money in the
world doesn't make some things worth while."
"But I suppose he is very generous to you?"
"I wouldn't touch a penny of his money," said Mrs. Sinclair vehemently.
Melville, of course, dropped the subject, but noted her reply for future
use. What he wanted to ascertain most at the moment was Lady Holt's
feeling for her husband, but she gave him no opportunity.
"What's your brother like?" she enquired. "Anything like you?"
"Nothing," said Melville shortly. "Ralph is a paragon of all the virtues

and I'm—not."
"And he's like a son to Sir Geoffrey?" said Mrs. Sinclair. "Is he to be his
heir?"
"I don't know," Melville answered moodily. "I suppose so; but, as a
matter of fact, Sir Geoffrey hasn't made his will, so I don't know what he
will do with his money."
Mrs. Sinclair yawned. The conversation really did not interest her much,
and she had her own reasons for not wishing to let it get too intimate. She
had taken a fancy to Melville when she first saw him in the Riviera; he
belonged to the type of man in whose company she was most at home, and
she foresaw a certain amount of pleasurable excitement in which she could
participate with him without being worried by demonstrations of a more
affectionate interest, which men not related to her were apt to make. A
nephew is safer than a cousin.
"You must ask me to dine with you," she said, "and we will develop our
acquaintance gradually. I hate finding out all about people at once and
having nothing left to learn."
"Dine with me to-night," said Melville promptly. The hundred pounds

were burning a hole in his pocket, and he felt convinced that more would be
forthcoming now from the same source. "Where shall it be?"
"Wherever you like," Mrs. Sinclair replied. "I'm always interested in

people's varying ideas of hospitality. Come here for me at half-past seven
and take me to the appointed place. Only don't tell me now where it is to
be."
"All right," said Melville with alacrity. He liked her point of view and
felt amazingly sympathetic already. Moreover, he recognised as clearly as
she did the value of their relationship as a preventative of mutual
misunderstandings. "I will go and fix it up. 'Pon my honour, I'm awfully
delighted about this."
"Respect my confidence," she said gravely. "I may rely on that?"
"Absolutely," he answered. "I never interfere with other people's private

business. It's not my form; and, besides, I'm so grateful to you for
recognising me that I'm not going to forfeit a good thing."
Mrs. Sinclair was satisfied. She rang the bell for the maid to open the
door, and smiled graciously upon her nephew.
"I hope you're going to be a great success," she said, as he rose to go.
"There is an element of romance in the way fate has brought us together
that is fascinating, and really you are a very creditable nephew."
Melville smiled sardonically. His aunt's husband held such a different

opinion!
"I am a particularly fortunate one, I think," was all he said, and as he

went out into the Fulham Road he thought the sun had never shone so
brightly. Fortune had turned her wheel again, and his gambler's soul
exulted.
CHAPTER VI.
BRAVADO.
It was, indeed, with a very similar sense of satisfaction to that enjoyed

by a man who, when playing cut-throat euchre, finds the joker in his hand,
that Melville contemplated the advent of Mrs. Sinclair into his life. In many
respects she was a charming woman; vigorous and resourceful in
consequence of her somewhat adventurous career, but womanly and free
from affectation. Moreover, if she could not claim entire exoneration from
the charge of being an adventuress, she was entitled to several important
limitations in the term; she gambled, it is true, and led an extravagant life,
but she did both out of her own resources, and did not prey upon society as
do most of the evening-gowned frequenters of the Casino. What other
skeletons might be hidden in the secret cupboard of her life, Melville did
not yet trouble to surmise; he assumed that among them was the grisly relic
of her marriage with his uncle. The marriage had been a failure; the couple
had separated and agreed to let the story be forgotten; "Sinclair" was merely
a nom-de-guerre, and everything was capable of a perfectly satisfactory
explanation, with the exception of her financial independence. Melville
could not understand the feeling which prompted her to refuse assistance
from her husband, more especially in such a case as this, where she might
dictate her own terms for consenting to suppress the fact of her existence.
What her motive was in so doing was one of the first things Melville
intended to ascertain; there might be money in the knowledge. But the first
thing he intended to do was to tell Sir Geoffrey that he knew this amazing
secret of the marriage, for he felt convinced that he could make money by
holding his tongue on that subject to the world at large.
Such were the thoughts that passed through Melville's mind as he

walked from the station to The Grange at Fairbridge, where the Austens
lived. With him to decide was to act, and the previous night he had resolved
to adopt a bold policy and face Sir Geoffrey and Ralph at once; they had
had time to compare notes about the hundred pounds, and a stormy
interview with them both was inevitable, but it possessed no terrors for
Melville now. He guessed correctly that for the credit of the family neither
of them would detail the facts to the Austens, with whom he was
particularly anxious to stand well. Too selfish a man to be capable of real
love for any woman, he yet liked Gwendolen better than any other woman
he had ever seen, and he was quite willing to "range himself" if she would
be his wife. That she was engaged to his brother troubled him very little.
Engagements had been broken off before now, and the idea of cutting Ralph
out had a certain piquancy that rendered the attempt worth making.
Looking delightfully cool and well-bred in his grey flannel suit and
straw hat, with a turn-down collar that seemed to suggest an innocent
simplicity of character, Melville walked slowly down the hill from the
station and presented himself at the Austens' door. The ladies were in the
garden, the servant informed him, and there Melville sought them,
confident of a friendly greeting from them both.
Mrs. Austen was unaffectedly glad to see him. She had a tolerant feeling
for nearly all young men, and Melville's marvellous gift as a musician had
an especial charm for her. To Gwendolen he was Ralph's brother, and
hitherto Ralph had championed Melville's cause, with the result that the girl
was disposed to regard him as a somewhat maligned young man. So to-day
they made much of him, and, under the influence of their warm welcome
and gentle refinement, Melville was at his best.
"I've been sowing wild oats at Monte Carlo," he said gently, "and I
found it vanity. So I've come home. No, I had no adventures and met
nobody I knew. I lost all my money, and I'm very sorry for myself."
He congratulated Gwendolen on her engagement to Ralph, and there

was a touch of pathos in his voice that proved him to be a consummate
actor. Altogether, he enjoyed himself hugely, and awaited the critical
moment of meeting his brother with actual pleasure. Ralph was expected
early in the afternoon, and Melville lunched at the Grange and occupied the
centre of its little stage with much complacency.
After luncheon Gwendolen remained indoors to watch for Ralph, and

Melville sat in the verandah with Mrs. Austen and waxed confidential. She
liked to be regarded as the recipient of the confidences of young men, and
Melville played upon her amiable weakness, being careful to invent such
peccadilloes only as would not strain her charity unduly.
"Heaven divides its gifts very unequally," he remarked presently.
"Why that platitude?" asked Mrs. Austen.
"I was thinking of Ralph and myself," he said. "Of course, Sir Geoffrey
has been equally generous to us both, but I notice that Ralph gets all the
affection. He was always Uncle Geoffrey's favourite, and now he is
engaged to Gwen." He sighed pathetically, and Mrs. Austen considered.
"I think your uncle is just as fond of you as he is of Ralph," she said,
"but you're not a home bird and your brother is. Really, I don't think Sir
Geoffrey could have been kinder to you if you had been his own son."
"Not kinder," Melville said, "but fonder, more affectionate. You have
known him a long time, Mrs. Austen. Why do you suppose he never
married?"
"I have often wondered," Mrs. Austen said, "but I never met him until
he came into the title and estates, and he was not a young man then. He may
never have wanted to marry, or he may have had some disappointment. At
all events, it's an excellent thing for you boys that he never did."
"Excellent," Melville assented heartily. Mrs. Austen evidently had no

suspicion of the facts; that meant that Sir Geoffrey did not want her to know
them, and that, too, was excellent. "Ah! here comes Ralph, dancing on air."
Judging by the expression on Ralph's face, dancing on air was a

disagreeable mode of progression. He was, indeed, furious at finding
Melville thus established in the heart of the citadel; he was conscious, too,
of a disadvantage in being thus taken by surprise. Confident in the justice of
his indignation, he could have invaded Melville's chambers and demanded
explanations and apologies for the fraud; here all the force of his attack
would be wasted in the interval before he could deliver it.
He made no offer to shake hands, and, flushed with anger, he compared
unfavourably with Melville, sitting so imperturbable, and prepared for all
contingencies.
Melville employed every little artifice of which he was capable to

heighten the contrast between his brother and himself, of which he saw
Mrs. Austen was conscious. He made room for Ralph upon the verandah,
and chatted gaily of a hundred trifles, but to all his flippancies Ralph
returned only monosyllabic answers, appearing awkward and ill-mannered
even in Gwendolen's biassed judgment.
At last Melville rose to go, and with alacrity Ralph rose too.
Melville protested politely.
"Don't let me take you away, old man," he said.
"But I want to have a talk with you," Ralph answered.
"Thought you weren't particularly pleased to see me," Melville returned

placidly, "but I'm glad I was wrong. Good-bye, Mrs. Austen, and thanks
awfully for a jolly time. May I come again soon?"
"Do," she answered, "there's always cold luncheon and a warm

welcome here for you." She made the remark pointedly, for she was a little
vexed with Ralph. She even went so far as to restrain Gwendolen from
accompanying the brothers to the gate, and as they disappeared at the end of
the drive Ralph was conscious of almost being in disgrace with his future
mother-in-law.
Outside, however, on the main road his embarrassment vanished.
"What the deuce do you mean by coming here like this?" he said
angrily.
"My dear Ralph," said Melville coolly, "The Grange doesn't belong to
you, nor does the Manor House—yet. I've been to The Grange because I
wanted to see the Austens, and now I'm going to the Manor House because
I want to see Sir Geoffrey."
Ralph was unfeignedly astonished.
"You want to see Sir Geoffrey?" he gasped.
"I do," said Melville. "Why not?"
"I wonder you have the audacity to look him in the face again," said
Ralph hotly. "You are a liar and a thief."
"Go slow, Ralph," said Melville, "go slow. It seems to me you're off
your chump. If your engagement hasn't turned your brain, tell me what all
this pother is about, and leave mud-slinging till afterwards. What do you
mean?"
Ralph was almost deceived by his brother's calmness; at any rate, it had
the effect of making him struggle to regain command of his own temper.
"I wrote to you when you were at Monte Carlo," he said more quietly,
"and asked you to lend me a hundred pounds."
"That's so," said Melville. "Sorry I couldn't oblige you, but I didn't even
read your letter till I was on my way home, and then I was broke myself."
"But you got a hundred pounds out of Sir Geoffrey," spluttered Ralph.
"I did," said Melville. "I hope you did the same."
"Good heavens, man!" cried Ralph, as angrily as before; "don't try your
vile swindles on me too. You told Sir Geoffrey you lent me that hundred
pounds and got him to hand you over an open cheque for the amount in
repayment of what you said was my debt, leaving him to get explanations
from me afterwards."
"I hope the old man wasn't very crusty," said Melville sweetly.
"But your whole story was an infernal lie," roared Ralph, "and you got
that money by a vulgar, low-down swindle. You are a liar, Melville, and a
thief. I wish to heaven Sir Geoffrey had kicked you out of the house before
he parted with the cheque."
"I daresay you do," Melville replied, unmoved; "but really, Ralph,
you've had your whack out of the old buck, and now you're going to marry
the Austen money you needn't grudge me a bit, need you? It's not exactly
brotherly."
The sneering affront goaded Ralph almost to madness.
"You can thank me that you've not been arrested already for getting that
money under false pretences," he said, livid with passion. "If Sir Geoffrey
had had his own way you would have been, and 'pon my word, I'm
beginning to be sorry I begged you off."
"Perhaps it isn't too late even yet," said Melville, no less calmly than
before, "but I fancy you are exaggerating. Sir Geoffrey is always
intemperate in his language, but I can't believe he would adopt such
extremely unpleasant measures as the prosecution of his own nephew.
However, I'll talk to him about it. I came down with the intention of doing
so after I left The Grange."
Ralph was nonplussed. Such unlimited assurance as that displayed by

Melville was outside his experience, and it even began to have some effect
upon him.
"I think it was a mean and dirty trick," he said, "to make out that I owed
you anything when I didn't, but that part of the business you can settle with
your own conscience. What are you going to do now about the money?"
"How do you mean?" Melville enquired innocently.
"Well," said Ralph, "I persuaded Sir Geoffrey to drop the idea of legal
proceedings by saying that as you had used my name the matter ought to be
left in my hands. I've been to town to get the money, and I repaid him this
morning."
"That's really awfully good of you," Melville said effusively. "I am
infinitely obliged to you, but I'm afraid I shall have to owe it to you for a
little while."
"It's simple waste of time to talk to you," said Ralph with scorn, "but
there's one more remark I have to make, and you may as well remember it,
for I mean what I say. I can't undo the fact that you are my brother, but I can
do a good deal to prevent it from being forced on my attention, and one way
is to avoid seeing you. Now, in future I'll trouble you to keep away from
The Grange."
Melville coloured. This was a contingency he had not foreseen, and for
a moment he lost his judgment.
"Jealous, eh?" he enquired, with ill-affected sarcasm. He was no coward

physically, but he almost quailed before the blaze in his brother's eyes.
Ralph did not trouble to fling back the taunt. With suppressed passion he
spoke rapidly and distinctly, and each word flicked Melville on the raw.
"You are a contemptible swindler, and if you only have rope enough
you'll hang yourself in the end. I'm quits with Sir Geoffrey over your last
fraud, and it's worth every penny of the money to have learnt to know you
as you are; but now I do know you I'll take jolly good care that you don't
hang about my friends. Sir Geoffrey has ordered you out of the Manor
House, and I order you out of The Grange. Go there again, and I'll tell Mrs.
Austen all about this business and twist your neck into the bargain."
Melville forced a laugh.
"It will be time enough for you to order me out of houses when you
possess any. When you are master of The Grange I shall keep clear of the
place, you may be sure. Until then I shall call upon Mrs. Austen whenever I
choose."
"If you go to The Grange I shall tell Mrs. Austen what has happened,"
Ralph repeated, "and she will order you out then herself."
"I dare you to do it," said Melville. In reality the idea filled him with
uneasiness, but he was too shrewd to show it. Instead, he remarked
reflectively, as if considering Ralph's interests only, "Mrs. Austen might
begin to think she was allowing her daughter to marry into a queer family,
supposing for the moment that she took everything you said for gospel."
Ralph drove his hands deep into his pockets. Honesty such as his often
seems very stupid when confronted with the cleverness of a knave, and he
felt unequal to a discussion with his brother. But he wished he had been less
loyal to him in the past, less sturdy an advocate for his defence when Sir
Geoffrey arraigned him. It was humiliating to think how completely
Melville had taken him in. They walked in silence to the Manor House, and
Ralph paused by the gate.
"I'm not going to argue with you, and I have nothing to add to what I
said about The Grange. Go there and you'll see. Here is the Manor House. If
you take my advice you will leave me here and get back to town by the next
train."
"When I ask your advice I'll consider about taking it," Melville
answered gently; he saw how his own coolness angered and flurried Ralph.
"As for The Grange, Mrs. Austen has kindly invited me to dine there and
bring my violin, and I need scarcely say I have accepted. And as for Sir
Geoffrey, I have come down to see him, and if he's at home I will see him
now; if he is out I shall wait."
"You are beyond me," Ralph said hopelessly. "Well, I don't want to keep
you away from Sir Geoffrey if you are anxious to see him, but if I were in
your shoes, which, thank heaven, I am not, I would blow out my brains
rather than face him. I don't believe you have any shame left."
He opened the gate and, with Melville, walked up the drive. As they
came in sight of the house, however, his mind shrank from the prospect of
having to be present at so painful an interview between his uncle and
brother as he felt sure this one must be. He stopped abruptly.
"You will probably find Sir Geoffrey in the library," he said. "I am
going down to the houseboat."
"All right," said Melville unconcernedly. "I dare say I shall see you
again later. If Sir Geoffrey asks me to stay, I will. By-bye," and noting with
amusement the incredulous surprise written on Ralph's countenance he
nodded cheerfully to him and walked in through the open doorway of the
Manor House.
CHAPTER VII.
MELVILLE LEADS TRUMPS.
Melville possessed in an eminent degree the gift of winning the

affection of his inferiors. Where no conflict of interest was possible he gave
full play to the sympathetic part of his nature, which was his as it is the
nature of all musicians. It was part of his policy, too, to stand well in the
favour of those upon whom his comfort depended, and thus, although he
was indifferent to the appeals of those who were inconvenienced by his
indebtedness to them, and would resort to any subterfuge rather than pay his
tradesmen's bills, yet he was a lenient and considerate master to his valet in
Jermyn Street, was regarded with admiration by the hall porters of his club,
and was held in affection by the old retainers at the Manor House, who had
known him for so many years.
With Martin Somers, Sir Geoffrey's butler, Melville was an especial

favourite. The old man had taught him all he knew of outdoor sports, and
had often stood his friend when in earlier days the boy was in disgrace with
his uncle.
Melville turned from the hall into the dining-room and rang the bell. It
was cool and shady in this room, and Melville was conscious of a pang of
regret at the knowledge that the place would never be his. His life had been
full of variety and excitement, but it had cost him all chance of ever being
master of the Manor House. Already he was an unwelcome visitor, and
when in course of time it passed into Ralph's possession, its doors would
very probably be closed to him altogether.
"Ralph is a stupid clown," he muttered, "but I'm not sure that he hasn't
done better for himself than I have. To own this place and be Gwen's
husband should be good enough for anyone."
The sigh that escaped him was born of sincerity, but he turned briskly to
face his immediate task as the butler came in answer to the ring. Melville
shook hands with him, making no reference to his previous evening visit to
his uncle.
"Here I am again, Martin," he said cheerfully, "'Pon my word, it's good

to see you."
"You've been abroad, Master Melville?" Martin asked.
"Yes," said Melville; "same old racket, same old place, same old luck."
Martin shook his head.
"I've no faith in Monte Carlo," he remarked austerely; "never heard of

any good coming from there."
"That's rude," said Melville, "seeing that I've just come from there. How
is Sir Geoffrey?"
"Pretty well, sir," the butler replied; "I may say very well."
"He's a wonderful old chap," said Melville. "He'll be marrying soon and
having a family of his own; see if he doesn't."
"Sir Geoffrey never took any account of the ladies," Martin remarked.
"It's a pity, in some ways; but, bless you, sir, he's got all the family a man
needs in Master Ralph and yourself."
"Too much, perhaps," said Melville. "Go and tell him I'm here, Martin,
will you."

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1. Watts and Zimmerman's Positive Accounting Theory is:

2. Which of the following is a central assumption of Positive Accounting Theory?

4. The key theory that underpins Positive Accounting Theory is:

7. Agency theory suggests that government regulation is:

15. Positive Accounting Theory suggests that bonus schemes benefit:

19. Which of the following is a problem with Positive Accounting Theory?

20. Which of the following is not a criticism of Positive Accounting Theory?

21. A contribution of Positive Theory is that it enables us to understand:

1. Watts and Zimmerman's Positive Accounting Theory is:

2. Which of the following is a central assumption of Positive Accounting Theory?

4. The key theory that underpins Positive Accounting Theory is:

7. Agency theory suggests that government regulation is:

Deegan - Chapter 07 #10

Deegan - Chapter 07 #11

12. Which of the following is correct in respect of Positive Accounting Theory?

Deegan - Chapter 07 #12

Deegan - Chapter 07 #13

Deegan - Chapter 07 #14

15. Positive Accounting Theory suggests that bonus schemes benefit:

Deegan - Chapter 07 #15

Deegan - Chapter 07 #16

Deegan - Chapter 07 #17

18. According to Positive Accounting Theory, the existence of debt covenants:

Deegan - Chapter 07 #18

19. Which of the following is a problem with Positive Accounting Theory?

Deegan - Chapter 07 #19

20. Which of the following is not a criticism of Positive Accounting Theory?

Deegan - Chapter 07 #20

Deegan - Chapter 07 #21

Deegan - Chapter 07 #22

Deegan - Chapter 07 #23

Deegan - Chapter 07 #24

Deegan - Chapter 07 #25

Deegan - Chapter 07 #26

Deegan - Chapter 07 #27

Deegan - Chapter 07 #28

Deegan - Chapter 07 #29

Deegan - Chapter 07 #30

Ralph stopped abruptly.

"What are you going to do?" he asked.

"Instruct Tracy to take proceedings against Melville for getting money

"But that's punishable with imprisonment," said Ralph aghast.

"Certainly it is," said Sir Geoffrey grimly.

"But you can't make a convict of my brother, and your nephew!"

"How you two fellows are brothers passes my comprehension," he said.

"That's fair, I suppose," said Ralph reluctantly; then he added more

KINDRED AND AFFINITY.

Moreover, to-day contained an element of surprise in the shape of his

He dressed with particular care, and after an early breakfast went

Opposite the French Embassy he parted from his friend.

The friend expressed his sincere commiseration, but Melville only

The Vale, South Kensington, is a little-known cul-de-sac lying just off

"I shall have to readjust my preconceived notions of my elderly

She came forward with perfect self-possession, but a gleam of